All that Glitters Is Not Gold

Harald Seiz, CEO of Karatbars. Picture: Karatbars GmbH / TwitterMoney isn’t all the pieces however it certain as darn hell makes distress lots simpler to bear. Feed that crap to another person. Per Wikipedia, a Ponzi scheme is a type of fraud which lures traders and pays earnings to earlier traders by utilizing funds obtained from more moderen traders.Beginning a profitable enterprise is lengthy been necessary for everybody’s dream. Some official companies depend on profitable entrepreneurs. These are legit companies, however there are additionally scams, that as an alternative, you’ll become profitable, you’ve gotta lose it. Nevertheless, though it’s fairly apparent to identify a too good to be true funding, some individuals are nonetheless falling for Ponzi Schemes.Again in 1920s Charles Ponzi, with all of the hype and flowery phrases, his scheme ran for over a 12 months earlier than it collapsed, costing his “traders” $20 million.This 12 months, the identical idea with totally different names play in the identical sport. This time, this MLM firm sells gold bullions! It sounds loopy and foolish however, sure, it exists and sadly many individuals fall for it. Karatbars Worldwide who was additionally acknowledged by Forbes as Considered one of 10 Blockchain Corporations To Watch In 2019 and in addition appeared on Cointelegraph.“To revolutionize our cost system with the facility of the blockchain and guarantee “secure gold” for folks as an funding car.” That is what the Karatbars founders Herald Seiz, Josip Heit, Alex Bodi, and Ovidiu Toma too good to be true promise for his or her traders. They’ve created a brand new digital foreign money which they referred to as KaratGold Coin (KBC). They’re proud that they stand aside from different ICOs as a result of it’s backed by gold, as authorities currencies have been within the outdated days.Like the opposite Ponzi scheme who’s yielding over 15% on their dividends, Karatbars promised a 40% fee to their associates, sure, it’s complete crap. To not point out that additionally they have a “residual passive revenue.”Hyping MarketingAs a part of their hyping advertising technique, they rename its native token that was initially “KaratBank Coin” and swap it to “KaratGold Coin”. They’ve introduced final 12 months that on the 4th of July 2019 will turn into the “Gold Independence Day”, the place folks can trade the KBC cash for pure bodily gold on the charge of 100 KBC = 1g. “We work actually arduous to make sure that ranging from the Gold Independence Day on July 4th, 2019, a full-featured gold circulation is put in place worldwide and the phrase “I’ll pay in KBC” means “I’ll pay with gold”. We make the monetary way forward for the world and are pleased to have you ever round”, stated CEO Harald SeizThis could also be top-of-the-line hype of their advertising type. Since that video and transparency of the crew is crucial in this type of scheme, CEO Harald Seiz and chairman of the board Josif Heit even made this video with over 1.6k views and acknowledged that they might be shopping for and maintain 5 tonnes of actual gold to function a basis for a brand new cost system, in addition to backing for Karatbar cash.And to lastly fulfill their plan, they’ve paid a number of dependable media with the intention to promote Karatbars with banner adverts and sponsored content material.Their hype advertising was unsurprisingly extraordinarily efficient, nevertheless, because of few observant eyes within the coin house, they’ve marked their selves purple already. Additionally, a advertising company introduced and revealed the authorized defeat of Karat Gold Cooperation PTE Ltd. “Karatbars not solely argued in contradiction to his earlier court docket assertion but in addition described the tokens as “nugatory” — simply to maintain down the quantity in dispute after the misplaced authorized dispute,” stated the decide of the Larger Regional Court docket Dr. von Gumpert.Nevertheless, there are nonetheless some individuals who will fall out for an additional gold-digger ambiance as Karatbars can also be planning to launch KaratNet this October and that is one other massive drawback.

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